The following Trial Balance is extracted from the books of a merchant on $31$st December $2023.$ParticularsDr $($shs$)$Cr $($shs$)$Furniture and fixtures$640$ Moto vehicles$6,250$ Buildings$7,500$ Capital $12,500$Bad debts$125$ Provision for bad debts $200$Sundry debtors and creditors$3,8002,500$Stock on $1$st January $20233,460$ Purchases and sales$5,47515,450$Bank overdraft $2,850$Sales and purchase returns$200125$Advertising$450$ Interest$118$ Commission $375$Cash$650$ Taxes and insurance$1,250$ General expenses$782$ salaries$3,30034,00034,000$ The following adjustment are to be made:$1)$ Stock in hand on $31$st December $2023$ was Shs$\mathrm{.}3,250\mathrm{.}2)$ Depreciate buildings @ $5\%,$ furniture and fittings @ $10\%$ and motor vehicles @ $20\%\mathrm{.}3)$ Shs$\mathrm{.}85$ is due for interest on bank overdraft$\mathrm{.}4)$ Salaries Shs$\mathrm{.}300$ and taxes Shs$\mathrm{.}120$ are outstanding$\mathrm{.}5)$ Insurance amounting to Shs$\mathrm{.}100$ is prepaid$\mathrm{.}6)$ One$-$third of the commission received is in respect of work to be done next year$\mathrm{.}7)$ Write off a further Shs$\mathrm{.}100$ as bad debts and provision for bad debts is to be made at $5\%$ on sundry debtors$\mathrm{.}8)$ Purchases included purchase of furniture Shs$\mathrm{.}200,$ on January $1,2023.$REQUIREDPrepare a trading and profit and loss A$/$c for the year ending $31$st December $2023$ and a balance sheet as on that date.